Key Takeaways
- • Developers Vornado Realty Trust, Rudin, and Ken Griffin closed a joint-venture agreement and a $3.3 billion construction loan for 350 Park Avenue, a 1,400-foot supertall in Midtown East, Manhattan, according to YIMBY.
- • Citadel Enterprise America, Griffin's firm, will be the anchor tenant, occupying 1.05 million of the building's 1.9 million square feet of Class A office space.
- • A consortium of JPMorgan Chase, Bank of America, BMO Bank, ING Capital, PNC Bank, and Standard Chartered Bank provides the loan, which may be the largest ever issued for a single New York City building.
- • The project is expected to cost $4.5 billion and be completed by 2032, with demolition of existing buildings already underway.
- • The closing came amid reported speculation that Mayor Zohran Mamdani could block the project, given his criticism of Griffin's residential holdings in the city.
Summary
The developers of 350 Park Avenue, a planned 1,400-foot, 66-story supertall in Midtown East, closed on their joint-venture agreement and a $3.3 billion construction loan, according to YIMBY and a New York Post report by Steve Cuozzo. Vornado Realty Trust, Rudin, and Ken Griffin designed the project with Foster + Partners as architect. The building will provide 1.9 million square feet of Class A office space, with Griffin's Citadel Enterprise America serving as anchor tenant for 1.05 million square feet.
The construction loan is being provided by a consortium of JPMorgan Chase, Bank of America, BMO Bank, ING Capital, PNC Bank, and Standard Chartered Bank. The financing is cited as potentially the largest ever issued for a single building in New York City. The total project cost is expected to be $4.5 billion, with completion anticipated in 2032.
The closing followed speculation that Mayor Zohran Mamdani could halt the undertaking, given his public criticism of Griffin's extensive residential holdings in the city. The report did not detail any formal action by the city.
The project's scope has been revised over time. The proposed height was around 1,600 feet when the New York City Council unanimously approved it last September, and by July it had been lowered to 1,414 feet. At 1,400 feet, the tower would stand one foot shorter than One Vanderbilt as Midtown's tallest office building.
The project includes $150 million in air rights purchased from St. Patrick's Cathedral and Saint Bart's Church, more than $35 million for the East Midtown Public Realm Improvement Fund, a 12,500-square-foot public plaza designed by Field Operations, 16,000 square feet of ground-floor retail, and sidewalk widening of five feet on East 51st and East 52nd Streets. Demolition of the existing 30-story midcentury tower at 350 Park Avenue and adjacent buildings at 40 East 52nd Street and 39 East 51st Street is already underway.
The construction loan is being provided by a consortium of JPMorgan Chase, Bank of America, BMO Bank, ING Capital, PNC Bank, and Standard Chartered Bank. The financing is cited as potentially the largest ever issued for a single building in New York City. The total project cost is expected to be $4.5 billion, with completion anticipated in 2032.
The closing followed speculation that Mayor Zohran Mamdani could halt the undertaking, given his public criticism of Griffin's extensive residential holdings in the city. The report did not detail any formal action by the city.
The project's scope has been revised over time. The proposed height was around 1,600 feet when the New York City Council unanimously approved it last September, and by July it had been lowered to 1,414 feet. At 1,400 feet, the tower would stand one foot shorter than One Vanderbilt as Midtown's tallest office building.
The project includes $150 million in air rights purchased from St. Patrick's Cathedral and Saint Bart's Church, more than $35 million for the East Midtown Public Realm Improvement Fund, a 12,500-square-foot public plaza designed by Field Operations, 16,000 square feet of ground-floor retail, and sidewalk widening of five feet on East 51st and East 52nd Streets. Demolition of the existing 30-story midcentury tower at 350 Park Avenue and adjacent buildings at 40 East 52nd Street and 39 East 51st Street is already underway.
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